Our analysis suggests that chatbots and conversational AI are game-changing tools for the e-commerce industry, which can serve multiple use cases from 24/7 customer support to highly personalized product recommendations, and after-sales service. Major players like Shopify, eBay, and Klarna are already harnessing the power of conversational AI technologies unlocking new possibilities for customer engagement and operational efficiency underscoring the need for domain-specific expertise.
Key trends highlighted in the report include:
- Conversational AI to drive $142.0BN in e-commerce sales by 2024 from just $2.8BN in 2019 (CAGR of 119% during 2019-24) and help businesses save over $8.0BN according to Juniper Research
- Voice-powered assistants are going mainstream: 16% of Americans have used voice assistants like Alexa or Google Home for shopping, whereas 20% of all searches in the Google App are now done by voice highlighting growing adoption and comfort
- Conversational commerce becomes an essential element for sales and marketing strategy: 82% of companies that use conversational AI tools say that chatbots enable them to deliver a highly personalized customer experience
- Conversational AI chatbots transform shopping from messaging platforms: Facebook Messenger, Instagram, and WhatsApp have become platforms for consumers to discover, browse and buy products with 40% of global consumers claiming that chat is how they first started shopping online
To provide a deeper understanding of the topic, the report includes key disruptors, industry landscape, notable M&A transactions, and financing activity (including major deals within the last 24 months). The report also examines the emerging trends and future directions of chatbots and AI technologies in the Conversational AI space.